Ransomware, Threat Management, Risk Assessments/Management

Declining ransomware claims observed

Ransomware claims frequency in the first quarter of 2022 was 30% lower than during the fourth quarter of last year, SecurityWeek reports. The decline in claims frequency comes amid the decline in ransomware claims costs, according to cyber insurance firm Corvus. "This decrease in cost and severity can be partially attributed to underwriting entities requiring stronger backups for insurance coverage, which is helping to drive the broader trend toward more sophisticated and resilient approaches to mitigating ransomware risk," said Corvus. The findings also showed that ransomware claims frequency in the fourth quarter of 2021 was lower than in the first quarter of last year, which Avast Malware Research Director Jakub Kroustek said is due to nations, government agencies, and vendors collaborating in cracking down ransomware attackers following significant attacks during the first three quarters of last year. "The ransomware risk ratio decreased by an impressive 28% compared to Q3/2021. We hope to see a continuation of this trend in Q1/2022, but we are also prepared for the opposite," Kroustek said.

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